The deal is Uber's first e-wallet partnership in Southeast Asia, home to 600 million people, and could help the firm catch up with main regional rival Grab which has its own e-wallet service.
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Uber Signs First Southeast Asian e-Wallet Deal With Vietnam's MoMo
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Last year, Goldman Sachs Group Inc and a private-equity arm of Standard Chartered PLC invested a combined $28 million in "fintech" firm MoMo, offering a means of tapping into Vietnam's young, tech-savvy population. "The partnership with Uber will open a seamless and cashless transport experience for the many Vietnamese without credit cards," MoMo Chief Operating Officer Nguyen Manh Tuong said in the statement.
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